In the 1960s, the GDP per capita of South Korea was comparable with poorer countries of Africa and Asia. However, since then, South Korea has joined the trillion dollar world economies, and is among the world’s 20 largest economies. This was because of a system of close ties between the government and business, such as directed credit and import restrictions. The goernment promoted the import of raw materials and technology at the expense of consumer goods and encouraged saving and investment over consumption.
South Korea’s long-term economic challenges include a rapidly aging population, inflexible labor market, and a heavy reliance on exports. The majority of the labor force works in the services, followed by industry and then agriculture. Agriculture grows rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs and fish. Industries include electronics, telecommunications, automobile production, chemicals, shipbuilding and steel.
The unemployment rate is 3.4%. 15% of the population lives below the poverty line.
Since the 2008 global financial crisis, the government has pushed for job creation and employment assistance programs, and has launched a service sector development plan to create long-term and short-term jobs. The government has also increased efforts to support lower-income classes with policies designed to stabilize prices and provide affordable housing.
Wons are the currency of South Korea.
Currency
There are 1107.3 wons per U.S. dollar.
Gross Domestic Product
South Korea's growth domestic product is $1.164 trillion.
Hyundai, Samsung, and LG are some well-known South Korean companies.
South Korea exports commodities like semiconductors, wireless telecommunications, motor vehicles, computers, steel, ships and petrochemicals.
Its chief export partners are China, the United States and Japan.
Imports
South Korea imports commodities like machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals and plastics.
Its import partners are China, Japan, United States, Saudi Arabia and Australia.
Overview
In the 1960s, the GDP per capita of South Korea was comparable with poorer countries of Africa and Asia. However, since then, South Korea has joined the trillion dollar world economies, and is among the world’s 20 largest economies. This was because of a system of close ties between the government and business, such as directed credit and import restrictions. The goernment promoted the import of raw materials and technology at the expense of consumer goods and encouraged saving and investment over consumption.South Korea’s long-term economic challenges include a rapidly aging population, inflexible labor market, and a heavy reliance on exports. The majority of the labor force works in the services, followed by industry and then agriculture. Agriculture grows rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs and fish. Industries include electronics, telecommunications, automobile production, chemicals, shipbuilding and steel.
The unemployment rate is 3.4%. 15% of the population lives below the poverty line.
Since the 2008 global financial crisis, the government has pushed for job creation and employment assistance programs, and has launched a service sector development plan to create long-term and short-term jobs. The government has also increased efforts to support lower-income classes with policies designed to stabilize prices and provide affordable housing.
Currency
There are 1107.3 wons per U.S. dollar.Gross Domestic Product
South Korea's growth domestic product is $1.164 trillion.Average income
Korean citizens have an average disposable income of $22,928 US$.The average gross income is $26,152. (http://www.worldsalaries.org/korea.shtml)
Exports
Hyundai, Samsung, and LG are some well-known South Korean companies.
South Korea exports commodities like semiconductors, wireless telecommunications, motor vehicles, computers, steel, ships and petrochemicals.Its chief export partners are China, the United States and Japan.
Imports
South Korea imports commodities like machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals and plastics.Its import partners are China, Japan, United States, Saudi Arabia and Australia.
Sources
http://www.korea.net/AboutKorea/Economy/Overviewhttp://www.worldsalaries.org/korea.shtml
Last updated May 9, 2012. Copyright (c) 2012. Henrietta Moody. All rights reserved. Please contact hemoody@facemail.com with any questions.